§ 40-14-642 — Loan originator application; processing

Wyoming § 40-14-642

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 14: WYOMING UNIFORM CONSUMER CREDIT CODE
• Art. 6: ADMINISTRATION

Text

(a) Applicants for a mortgage loan originator license
shall apply in a form prescribed by the administrator. Each
application form shall contain content as established by the
administrator and may be changed or updated as necessary by the
administrator in order to carry out the purposes of part 4 of
this article.
(b) In order to fulfill the purposes of this act, the
administrator may establish relationships or contract with the
registry or any other entity designated by the registry to
collect and maintain records and process transaction fees or
other fees related to licensees or other persons subject to this
act.
(c) In connection with an application for licensing as a
mortgage loan originator, the applicant shall, at a minimum,
furnish to the registry information concerning the applicant's
identity, including:
(i) Fingerprints for submission to the federal bureau
of investigation, and any governmental agency or entity
authorized to receive such information for a state, national and
international criminal history background check; and
(ii) Personal history and experience, including the
submission of authorization for the registry and the
administrator to obtain:
(A) An independent credit report obtained from a
consumer reporting agency described in section 603(p) of the
Fair Credit Reporting Act; and
(B) Information related to any administrative,
civil or criminal findings by any governmental jurisdiction.
(d) For the purposes of this section and in order to
reduce the points of contact which the federal bureau of
investigation may have to maintain for purposes of paragraph
(c)(i) of this section and subparagraph (c)(ii)(B) of this
section, the administrator may use the registry as a channeling
agent for requesting information from and distributing
information to the department of justice or any governmental
agency.
(e) For the purposes of this section and in order to
reduce the points of contact which the administrator may have to
maintain for purposes of subparagraphs (c)(ii)(A) and (B) of
this section, the administrator may use the registry as a
channeling agent for requesting and distributing information to
and from any source as directed by the administrator.
(f) Each application submitted under subsection (a) of
this section shall be accompanied by an application fee not to
exceed three hundred dollars ($300.00), as established by rule
of the administrator. When an application for licensure is
denied or withdrawn, the administrator shall retain all fees
paid by the applicant. Fees charged and collected under this
section shall be in accordance with W.S. 13-1-603(d) through
(f).